Brent crude hits $110 as Iran attacks ships in Strait of Hormuz

invezz.com (German) —

Oil prices hit their highest level since May 20, with Brent crude reaching $110 and West Texas Intermediate climbing to $99.05, as Middle East tensions escalated. Iran's Islamic Revolutionary Guard Corps continued attacking ships in the Strait of Hormuz, targeting at least four vessels over the weekend and dozens in recent weeks. The US has refrained from military retaliation, while Houthi attacks on Saudi Arabia persist. Analysts suggest prices could rise to $120, though a sudden de-escalation or US-Iran agreement would likely cause a rapid decline. Ukraine is also expected to continue strikes on Russian refineries.


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